A top official at the Federal Reserve called for more aggressive action to help the housing market by allowing more homeowners to refinance and by converting some foreclosures into rental housing.
Home sales have been disappointing this year, with tight credit and weak demand making it harder for markets to absorb a steady stream of foreclosed properties. "Clearly the market is not functioning as it should," said Federal Reserve Governor Elizabeth Duke in a speech Thursday in Washington..............................................Full Article: Source